https://youtu.be/nRqFAzXoMPU
Join us for an eye-opening episode featuring Cory Harrelson, a structural engineer turned successful RV and mobile home park investor. In this episode, Cory walks us through his journey from long hours as an engineer to finding financial freedom through real estate investment. After being inspired by “Rich Dad, Poor Dad,” Cory stumbled upon a mobile home park for sale on Craigslist, leading to a game-changing investment in a twelve-unit park close to home.
Cory shares invaluable lessons from his experiences, including a challenging mobile home park deal involving a wastewater treatment plant, and how he turned a financial hardship into a profitable sale. He emphasizes the importance of double-checking insurance limits and discusses the financial feasibility and potential returns of investing in mobile home parks compared to multifamily properties.
Whether you’re an experienced investor or new to the world of mobile home parks, this episode is packed with actionable insights and strategies for achieving financial freedom through real estate investment.
KEY POINTS FROM THE EPISODE:
1.Navigating Investment Challenges Cory Harrelson shared a significant lesson from a challenging mobile home park deal involving a costly miscalculation related to a wastewater treatment plant. Despite experiencing a fire loss and financial difficulties, Cory managed to secure a cash-out refinance and ultimately sell the park at a profit.
2. The Value of Mobile Home Park Investments Cory emphasized the financial feasibility and potential returns of mobile home park investments. He highlighted that mobile home parks are the most affordable form of housing without government subsidies, offering decent places for people to live while also providing value-add opportunities due to deferred maintenance and vacancies.
3.Improving Community Quality Cory discussed various improvements made to mobile home parks, such as paving roads, tree work, fencing, signage, and hosting community cleanups. He also addressed residents’ concerns, like enhancing trash services and ensuring well-lit entrances, which contribute to better living conditions.
4. Investment Strategy and Tax Benefits Cory and Rav Singh talked about their investment strategy focusing on long-term holds and cash-out refinancing, rather than quick sales. They leveraged cost segregation and bonus depreciation strategies to yield significant tax savings and depreciation recapture benefits in the long run.
5. Remote Park Management Cory shared insights into managing remote mobile home parks, including hiring on-site managers and utilizing automation tools for rent collection. He noted the limited availability of third-party management companies in the mobile home park industry compared to apartments, emphasizing the importance of efficient system setups for smooth operations
CONTACT YOUR HOSTS:
LinkedIn: @spurequity
Website: www.spurequity.com
CONTACT TODAY’S GUEST:
Linkedin: https://www.linkedin.com/in/cory-harelson-81141414
Website: https://freedominvestinggroup.com/
